SPX is near the end of wave ii formation. Wave i is a clear 1-2-3 zig-zag. However, a much more complicated 3-3-5 irregular flat formation is wrapped in wave ii. The good news is this roller-coaster move may be ending in the forseeable future. If SPX shows clear signal of breaking down from here and take out 1050, then we can be very confident that a bigger and powerful wave iii snaps in. The risk is SPX rallys through 1150 and then 1175, then the above count is not valid.
Moreover, USD/CAD formed a hammer today. It seems to be bottoming, which is bearish for SPX.
